tv Tech Check CNBC July 12, 2021 11:00am-12:01pm EDT
and amazon carrying things it looks like it is this continued grind higher everything this week will be determined by reaction to the cpi number tomorrow, and then we have powell later in the week. to me, this is the preliminary, getting out of the way. >> thank you, mike thank you for watching that will do it for us on "squawk on the street. "techcheck" starts now good monday morning welcome to "techcheck. i'm carl keenquintanilla with deirdre bosa and jon fortt kevin mayor as china tightens is grip on its own tech giants. and disney domination as black widow wows at the box office,
but on disney plus >> and welcome back. we're watching shares of virgin galactic as well you heard from morgan, 20% swing for that stock but now it is deep in the red after that pop at the open the ceo of dropbox on "techcheck" exclusive coming right up. >> and the markets get a bump. the s&p matching its 38th record high of the year on friday, more than 7% turn around from the may 12th low nvidia, microsoft and tesla joining the faang stocks eight companies responsible for more than half of the index's gains. this as the nasdaq ticking down slightly after touching an intraday high earlier this morning. and here with his outlook on big tech's bounce, founding managing partner and former gv and comcast venture partner lo tony. good morning
>> thank you for having me. >> i'm trying to figure out what investors should take away from the sort of, i don't know whether to call it a head fake there was this sense that big tech wasn't doing as well. it is under all this pressure, antitrust or big company scrutiny from multiple governments and yet it grinds higher should the attention be there or should it be on smaller stocks with more room to grow >> what's interesting is that what we initially saw during the concerns around inflation was that, you know, some of the older line industries were able to benefit first from being able to kind of benefit from the movement of dollars towards those sectors and specifically i'm talking about things like the industrials, manufacturing, i think now what we're seeing is that the leading of the way for technology stocks, because the growth potential is so powerful, the business models are so powerful, and in particular, a
lot of the tailwinds that we have coming out of this pandemic as we begin to see increasing vaccinations, people returning to travel, those are benefiting the big tech stocks as well. i think another area that we see within the private markets is the rise of the fintech stocks as well. >> yeah. and private markets have really been flush with cash, lo i wonder in the shorter term what are you anticipating for earnings season, just about to get under way and expectations are very high. is that a risk for investors bob pisani was talking about whisper numbers that were even higher than where we are already starting from. >> yeah, you know, look, i think what we're going to see is that there is going to be some nice momentum coming out of some of these surprises with the earnings i'm highly bullish and confident that the tech stocks are without question going to lead the way that said, you know, there is a lot of price to perfection within the market right now.
so we need to make sure those numbers are met, the stability, but we anticipate that we're going to see nice earnings surprises as well. >> lo, we have been talking about china all morning long the big story was didi i wonder long-term, i mean, to so long, china, with its billion population, was seen as white space for growth and all kinds of industries. and judging from the way regulators is have been acting in the short-term, how much of that story gets capped off at the knees? >> yeah, look, i mean, the chinese tech giants, they lost over 800 billion in value since february so there are significant concerns and that is warranted we have seen the chinese companies, particularly in tech, ever since going all the way back to alibaba, which went public after the financial crisis, they have been on a tear the growth and momentum within the chinese markets have really been able to propel these tech
stocks, investors in the united states have this insatiable appetite for growth. and we have seen significant movement there but i think without question is time to take a pause and understand how this is going to play out, because, you know, unlike the u.s., where, you know, we do see the ability to kind of navigate and work with at times the government, that is not the case in china. >> indeed. certainly true lo toney, thank you. >> thank you >> meantime this morning, we're getting breaking economic data out of the new york fed. for that, we turn to steve liesman. hey, steve >> good morning, carl. yeah, the new york fed survey showing the highest one-month increase in short-term inflation expectations in the survey's eight-year history the one-year inflation expectation raising 0.8% to a new record of 4.8% is what is expected by the 1300 member panel there for inflation in the
next year. long-term inflation expectations, they're unchanged. still near their record of around 3.5%. consumers were upbeat about their jobs, their wages and their housing price outlook. the expected probability of losing your job hitting a new series low for the survey. the expected -- of finding a job a new series high. a lot going on tomorrow, the cpi, consumer price index at 8:30 and we'll discuss all of this, the inflation, the economy, and how tech may work into all of this tomorrow with san francisco fed president mary daly coming your way at 11:15 tomorrow, deirdre. >> looking forward to that, steve. thank you. thank you for keeping us updated on those numbers too now, we did talk about china's crackdown on the biggest tech companies, a few more details here look at shares of didi, under pressure this morning after reports that the chinese ride hailing company told beijing it would put its plans on hold while it told u.s. bankers that it had the all clear
china's scrutiny putting dozens of ipos on deals left and right, including bytedance who we told you last week would be delaying its ipo. the wall street journal reporting over the weekend it scrapped plans for a listing after meeting with chinese regulators we'll speak with former tiktok ceo kevin mayer later this hour. and reuters reporting that the antitrust regulator is taking aim at tencent, recording a small fine chinese tech companies as we have been talking about, they have already -- they're already public, the ones listed in the u.s. like jd.com, they have seen their stock prices hit hard in the last week, adding to that weakness they have seen this year if there is a greater risk of listing on u.s. exchanges for chinese companies, look at where they do go and that's shanghai, hong kong. these are markets that are under performing u.s. markets.
the hang seng barely positive on the year >> yeah. and as we know in the case of some of these giants, well below, jon, even their very short post ipo highs because the regulatory measures appear to have come out of nowhere despite all the buildup we see in the international listings. >> i do wonder, though, what is the impact on that argument that u.s. big tech has been making facebook perhaps most prominently, hey, if you don't let us run and do our thing, china and big chinese companies are going to sort of take over because they don't have the same kind of restrictions and shackles on them maybe they do now. in fact, maybe china's -- even more quickly than the u.s. government is going to be able to rein in big tech over here. so how does that affect both in the near term, carl, how the big companies run, and then what their argument is now that the landscape is shifting a bit. >> yeah, for a long time the knock was opacity of data, not
enough transparency on the business model and one more head wind to worry about, guys. the other big story involves a big weekend for disney plus, and u.s. theaters as well. the traditional box office, $80 million over the weekend, the biggest opening of the pandemic, more impressive, disney made 60 million from viewer buysing the f film direct on disney plus "black widow" and marvel crushing other debuts like cruella and ryia and the last dragon the weekend domestic box office has collected more than $100 million in ticket sales. disney shares are higher this morning. the stock as you probably know mostly flat so far this year, jon. fascinating discussion with cramer today about the joys of setting your own timetable, making your own popcorn, watching it at your leisure, but still some who believe that going back to the theater is going to be a novelty that many can't resist. >> i would rather have seen this
in the theater, but i will admit, i watched with the family "black widow" last night and this number is amazing to me i think it is the most important story in tech today. this 60 million -- normal times we would never see this, right because marvel and superhero movies have taken over the box office so, of course, it would go exclusively there disney rules there here we get a peek at the value of this franchise that disney has built through kevin, none of this make it up as you go funny business they did with "star wars," people believe in this brand and we get a peek of the value of the movie and the tv series on disney plus they have been doing that's some of the goodwill represented here and, boy, if you're not disney, this is the value that you are missing, you need to get on your game >> mm-hmm. right. and if you're the cinemas, the amcs, the number they brought in, is that really good enough i'm kind of in your camp, i would like to see it, i would
like to see it in the theater, but probably out of convenience easier to see it at home and maybe just as good because, carl, as you say, you get to make your own popcorn. i asked what he thought about this number. he's on the talent side and this is key to his business he said everybody is still figuring out this formula between direct to consumer and theatrical and, jon, i'm with you in the sense this is a big piece of information for what direct to consumer companies like disney plus and netflix will do going forward and how the amcs of the world will attract people to come in. >> you still need the theater. i would rather see this in the theater. it is that kind of movie remember when wesley snipes said always bet on black. you had black panther. that was a single character vehicle. now you got black widow. i think this would have done so much better in normal times, great movie, women driven,
anyway >> yeah. i know a black panther 2 is now officially in production we're going to continue to see examples of how disney navigates this flexible distribution model, but i will point out, d., kara swisher wrote a great piece in the times saying she's not going back to the theater, she did for f9 because she loves the franchise. but it will force the exhibitors to improve their product whether that's on pricing or just on experience alone, that, again, is a win for the consumer as we see tug of wars in all kinds of industries. >> yeah, and with so much money being spent on content out there, that's a high bar to clear, increasingly high bar we got a big show coming up. we have the ceo of dropbox and the former ceo of tiktok, huge hour of "techcheck" just getting started. stay with us
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strategy and part of that is their latest design, you're looking at it now for office space, they're calling them studios, with the focus on collaboration and in person meetings with remote work still the primary mode for the day today, employees, they're not actually required to live within proximity of the studio location and going in is totally voluntary for now. joining us from dropbox's san francisco studio location the company's ceo drew houston thank you for being with us. >> good morning. great to be here >> so, drew, i wonder with the looser policy that doesn't require workers to come in or even require them to live close to a studio, what kind of traffic are you anticipating >> well, so as a higher level we're trying to get the best of both the remote and in person experience so as you said, the primary orientation is working from home but we are asking the employees to spend some time in our in person studios
there will be some programming that we drive topdown and then the space is also open for anyone or any team to reserve a room so they can have the in person experience, which has always been really important to us, something we have been missing for a long time. >> yeah, and, drew, it looks fairly busy behind you is that staging for the live shot or are you seeing sort of workers come in? you just reopened last thursday. have your employees wanted to come in and sort of missed that in person collaboration? >> yeah, there has been a lot of demand, i think we have all been excited to be physically together again with other people and so, yeah, i think there has been a lot of pent-up excitement to physically be together again. >> drew, good morning. now, i have heard so much -- i don't want to call it ambivalence from ceos, but as things have gotten closer to
reopening, saying it is not going to be all remote, it is important for people to be in the office some of the time and for there to be some sort of expectation predictability of when people can gather, schedule meetings, that's what we're hearing from apple, what we're seeing from adobe and other companies. i wonder if you think that over time this might shift back into more structure of when there is in person collaboration versus the, oh, everybody can work flexibly remotely that we seem to be hearing more of. >> yeah, well, i think first thing you want to avoid is a worst of both worlds situation the challenge with something like just come back into the office for a couple of days a week is you don't get the flexibility, because you're commuting and if you think about the experience of if the office is half empty, you also don't get the sense of community or worse if you're commuting into the office to be on zoom, we think that's a pretty bad
experience so we really have tried to think ahead, we launched our model back in october. we tried to think ahead of how do you intentionally design this experience to take advantage of the opportunity that this new world presents >> drew, for all the hr managers watching now, i imagine you've done quite a bit of work trying to solicit opinions from the rank and file, doing a lot of employee surveys is that what is driving the overall strategy or is it more from what management thinks you should do and when those two things collide, how do you decide who wins >> sure. we certainly have been talking to our team and our employees throughout i think it is really important that every company has a learning mindset i don't think anyone has a crystal ball for exactly how this is all going to unfold and i would also say that sentiment has changed a lot over the last year and a half. i think people have been -- a lot of different ups and downs over the last year or so
so i think it is really -- it is less about topdown or bottomup it is about how do you bring those together it is really important to do things like bring your entire company, globally, together, once a year, to make sure there are good, thoughtful, and curated experiences and reasons for people to come together. bit you also want to take advantage of the flexibility that we get from work from home. it is really about how do you -- it is about how much is it a topdown or bottomup or how do you integrate those and how do you continue evolving the experience as we all learn more. >> it is a big experiment for many companies, it is interesting to get your input, you are pushing ahead with this remote first model i want to ask you about something else activist investor elliott management built a sizable stake in dropbox your shares are up nearly 40% year to date is that a result of their input? how closely are you working with them or are investors seeing
value in what you've already been doing >> yeah, i think we have seen a lot of positive momentum in the business and things have been going really well. and we understand elliott's a large shareholder. and our sense is that -- i can't speak on their behalf, my sense is that they think it is a big opportunity. and conversations have been friendly there is no indication that this is an activist engagement. >> right what are those conversations like i know you can't share too much. is there more you could be doing in terms of creating shareholder value, even after sort of the run we have seen this year, for example, better monetizing your user base, which is 700 million users strong >> well, again, i think we have seen a lot of positive momentum and we're starting to see the benefits of a lot of the decisions we have been making and a lot of the opportunity in front of us. we have seen a lot of growth in our core business, we shifted to
distributive work. we just bought a company called doc send there is a lot of opportunity in front of us as we move into this new way of working and need new tools. >> and, drew, it is hard not to drop parallels to box because you operate in a similar space both of you have had trouble mostly trading above your ipo price. you got activists, investors i wonder is dropbox a better stand alone company than part of something bigger where do you think the opportunity is >> well, i think very different companies, very different situations, very different businesses, even though we might have -- we might both have box in the name. as i was saying, i think we have driven a lot of positive momentum, the business has been doing super well and as the world moves to this new way of working, we -- we all need new tools, we need that
experience to be better and i think ultimately this has made the opportunity for dropbox a lot bigger >> one more similarity, i look at your charts, you're both up 40% year to date outperformers perhaps you're creating value. thank you so much for being with us we look forward to talking to you again soon. >> thanks. we should also mention that dropbox is a five-time cnbc disrupter 50 company our weekly newsletter offer a closer look at companies like dropbox before they go public. visit cnbc.com/disrupters newsletter >> former tiktok ceo kevin mayer is next and what richard branson told us about his flight to space. "techcheck" is back in a moment. icy hot.
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welcome back to "techcheck." resetting at the bottom of the hour i'm carl quintanilla with deirdre bosa and jon fortt let's get a news update with rahel solomon. >> pfizer shares are on the rise, that's as the company seeks federal authorization for covid vaccine booster shots. pfizer and vaccine partner biontech say the risk of infection rises six months after vaccination. one saying countries should not order boosters and others saying they urgently need the vaccine. stocks jumping 3%. both companies benefitting from upgrades by raymond james. the analyst behind the note saying the restaurant operators are out performing their peers and that there is good buying opportunities ahead of quarterly earnings. crude oil trimming losses, still down on the day.
you're newow up to date, carl bk to you. over to julia with kevin mayer. >> thanks so much, carl. kevin mayer, former ceo of tiktok and long time executive at disney, thank you for joining us today there is so much to talk to you about this morning but i want to start with the headline about your former company, tiktok. this news that parent bytedance will be holding back on the ipo amid a regulatory crackdown in china. what does that say to you about the future of tech giants in china? >> look, nice to be joining you again. always a pleasure. it is hard to say exactly what it means i think it is surprising to me with a company like bytedance, which is so obviously ready to be a public company and should
access the public markets that a good nine months after i left, the geopolitical concerns are still rocking the boat over there. so it is disappointing to see it, i don't have any specific insight other than what i'm reading and what you're reading. but it is a bit surprising to me that's the company, led by great team, of executives, with amazing technology and amazing product, should be a public company in my opinion. >> kevin, right now you're focused on your investing, both as running a spac and other investments. i wonder whether you would invest in a chinese company now, based on what you know >> well, that is a very interesting question there is a continuing sense of uncertainty and risk that is clearly present. for investors, including myself, that presents a higher bar for returns. so, you know, i might very well invest in the chinese company,
but my expectations for what it could yield would be heightened. i think it adds a risk factor. and it does create difficulty and creates higher expectations for what you can achieve in success within an investment of china. >> interesting and at the center of this latest chinese regulatory crackdown is concern about data and collection of data, based on what you know and as you look at the landscape right now, we're focused on privacy and data here in the u.s. as well, do you think we should be concerned either as consumers or as potential investors should be concerned about the type of data that tiktok and other chinese companies are collecting >> well, look, when i was with tiktok, the data that that particular app collected was a bit less than the other social media apps were collecting so i just think it is good data hygiene and privacy hiygiene to
be very aware and cognizant of what you're sharing on social media, that can come back later in life to potentially haunt you. i think it just makes sense to be careful in any event. i think that data collection and privacy is a global issue. not just a china or u.s. issue i think it should be taken seriously and governments will continue to create more urgent requirements and guardrails around the use and collection of data i believe as investors we should be also aware of the risk that that entails some of these business models might not be as robust in the future as they are today, given that there might be a curtailment in the amount of data that they can access. >> i wonder if they might be less robust because of ongoing regulatory strategies. you got an eo out of the white house on friday about competitiveness. the eu, doj, ftc, is that
changing the playbook right now? even for something as limited as m&a but maybe something more broadly, at least in tech? >> i think it is i think that the -- this ongoing march towards greater privacy, which i applaud, there is a lot of positive nature to that in terms of how it affects people's lives and the risks it entails for people, social media and technology generally, i applaud it, i think it extends well beyond china i think eu was one of the first movers in making privacy a very -- a very prominent part of the regulatory regime. and i think it is wise and i think it will -- monetization opportunities in the future. i think targeted as will be more difficult to deliver than it is today. it will take a more sophisticated approach things of that nature will become more and more difficult to deploy. that will cause challenges it might also cause opportunities.
companies can crack the code, even in the face of the more difficult data usage, i think those companies will actually succeed even more so than -- and separate themselves from the pack more than they can today. it creates an opportunity, but it does create a threat to monetization >> really want to know what you think about this $60 million disney plus premier access hall for black widow. if i'm interpreting this correctly as a validation of the disney plus strategy in sort of building tv series around movie franchises, because otherwise, we would have never seen sort of the direct value of this kind of movie, because this is a box -- this is made for the box office, right? >> it was. i think it is a great validation of the strategy. i think as people emerge from the pandemic, one of my observations is bearing out in the numbers that i saw over the
weekend with black widow, that some of the habits are going to change and change for the better it is great for disney that they can put a film of that high quality both in theaters and on disney plus, charge an extra price for it, take essentially much more of that revenue than they can take out of -- from a theater, those settlement rates are much lower than the net effective revenue of getting for the purchase on disney plus, i think is it is a big positive and also a positive for consumers, giving them a choice to take this high quality product they think deserves to be seen in the theater i think that's a really powerful strategy and i think that watching film and entertainment is something that can be replicated in a home, much more so than other things like going to a theme park and because of that, there is a permanent reset in people's expectations to enjoy films in their homes
versus having to go to the theaters and i think it is great, it is great that disney has been so successful at it >> kevin, it is deirdre. as people go back to the theme parks and outdoor, i wonder what you think the trajectory of the ever rising content spend is going. does it continue or are we seeing it peak in the near future as the economy reopens and people spend less time inside >> i think that there is a competitive dynamic between the streaming services around the world which is not abating anytime soon can't go go on forever but i think for the next three to five, seven years they're going to continue to see an arms race for getting those content, bringing talent into certain orbits, netflix will try to get the best talent, disney plus and apple tv plus, and i think the
zpen expenditures is going up >> kevin, an arms race for content. i'm wondering how many of the subscription services you think people are going to be paying for and whether there needs to be more consolidation around them >> i think a lot of it has already happened i think it played out even more quickly than i would have imagined and it is driven by economic forces. i do believe that some of these services are subscale. i don't want to name which ones might be but i do think that there will be further consolidation i do think that the need to have a vast array of highest quality and therefore expensive content to keep your viewers engaged and engagement is the number one indicator of subscriber health and retention, and retaining customers is a key part of the
economics of the streaming services, so i do think that -- those economics will call for further consolidation. even in consolidation, the demand for content will continue to increase. >> kevin, i'm coming off a week at sun valley where there is a lot of talk about whether there needs to be more consolidation between the tech and the media companies and whether we'll see some megadeals there you're known for doing some of the most transformative deals at disney and i wonder whether you think we're headed towards not just more consolidation within media, but between media and tech and whether amazon's acquisition of mgm might be the beginning of that. >> there is a lot of money in tech there is a clear marriage between in streaming, the first instance, the first major instance of a true technology component of what the -- of the delivery of content to consumers, i believe there is a
symbiosis between technology and entertainment. and the purchase of mgm by amazon is the first of what could be several such deals. i don't think that many of the tech joints have shown it the appetite that amazon does for large acquisitions, in the content space. but i would look at that i think that it would not be surprising given the natural combination efficiencies and ability to create better services and more personalized services i think that you -- i think it would not be surprising to see more and more technology companies taking a bigger bite than amazon did with mgm in the future >> fascinating look forward to watching this space with you and following your work with your spac and your various investments as well kevin mayer, thanks so much for joining us today. >> always a pleasure thank you for having me. >> thank you, julia. wins, losses and what's next to take flight
plus, richard branson on his journey to the edge of space stay with us competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. ♪ ♪
richard branson making the trip to the edge of space, beating elon musk and jeff bezos, for the bragging rights. morgan brennan has been in new mexico all weekend, spoke to branson after he landed. how happy was he >> reporter: beyond thrilled definitely seemed to be riding the high of having fulfilled this life-long dream that he has had, jon sir richard branson started virgin galactic 17 years ago with the vision of creating the world's first commercial spaceline. with his successful flight to the edge of space yesterday, the company moved one step closer to realizing that vision. space tourism in general tends to garner comparisons to the early days of aviation and i asked branson who thanks to his virgin airlines passenger airlines knows the industry really well, how he thinks about that trajectory from high priced limited seats to a more affordable mainstream adoption of space flight?
>> i think for the first few years it is going to be expensive. we have a lot of bills to pay. and there are a lot of people out there willing to pay it. but in the years to come, as we get more and more spaceships, the price will come down in the meantime, we just launched something for a maze, a global raffle for two people to be able to have a chance to go up to space and the money that people pay into the raffle will enable a whole lot more people to able to go to space what i'm hoping is that we can actually get, you know, tens if not hundreds of people to be able to go to space who could never have dreamt to go to space. >> reporter: so that's a long-term vision but right now, check out shares of virgin galactic, they have been plunging, down like 12% today after announcing plans on the heels of this successful flight to sell up to 500 million
in common stock. this is a volatile stock we talk about it a lot remember, it is prerevenue commercial service isn't expected to launch until early next year, pending two more flights in the coming months ticket sales are expected to restart a little bit later this summer after the next such flight test that we see. that in the near term is going to raise another key question, where are those next tickets are going to be priced so first 600 told a number of years ago by virgin galactic were at $200,000 to $250,000 elon musk, one of those ticket holders. but most analysts believe the next tranche could be something closer to 400,000 or perhaps even greater per seat. this is per seat now, this is a focus not just for the company, but also for the industry overall, as competitor blue origin gets ready to send its founder jeff bezos past the edge of space next week on july 20th and in doing so, will be doing
its first crude flight on that new shepherd space flight system, but also become the first u.s. company to actually send a paying passenger to space as well and we don't yet know the name of that paying passenger but we do know they paid nearly $30 million for those bragging rights. jon? >> that narrows it down a little bit, i guess these days maybe not that much maybe it is one of the digital buyers on the bragging rights, i've seen things about where is the edge of space really how clear is it exactly which bragging rights branson versus bezos is going to have here? >> reporter: yeah, this has been a debate that has spilled over beyond the space industry, given all the attention on these two different companies and their founders going to space. basically the u.s. recognizes the official edge of space at 50 miles above earth.
with branson's nearly 90 minute flight yesterday, it was about an hour from take off to landing, i should say, they went to about 53 miles above earth. for bezos, they fly above the carmen line, 62 miles above earth, that's the more internationally recognized start of space either way, you're getting a few minutes of weightlessness, the curvature of the earth as we saw with branson and his crewmates yesterday. >> must be fascinating, sir richard had rave reviews as you talked to him. thank you. speaking of virgin galactic, chamath palihapitiya started the spac craze when his social capital took the company public in 2019. he struck deals to take sofi, clover health and open door public as well how are the stocks performing? kate rooney has a breakdown of that >> it is a mixed picture for champ chamath palihapitiya's deals
the companies are split down the middle on performance. let's start with virgin galactic he sold his personal stake in that company sending shares down double digits at the time. his firm social capital still owns about 6% of the space tourism company. sofi is another spac winner in chamath's portfolio, year to date, up 30% from the listing price in january it is struggling this month. it is down more than 13% so far. we have clover health as well, the medicare provider is a big underperformer and s.e.c. investigation weighing on that stock. down more than 40% this year and real estate company open door, that name is down roughly 27% this year. two other shell companies, by social capital, haven't announced deals yet. those are flat four social capital biotech
spacs that debuted in late june are also flat. the former facebook executive has been the face of this spac renaissance this year so far chamath and his firm raised more than $4 billion for blank check companies. he's also promoting a lot of investments on social media with a very close retail investor following around what he's been backing. the social capital team has also been part of a handful of other deals as what they call the private investment in public equity or also commonly known as the pipe the list includes mp materials, it is a rare earth mining company, desktop metal, those returns are also a mixed picture. back to you. >> it is going to take some time to see how this performance shakes up. he wants a spac for every letter of the alphabet. as we head to break, jpmorgan reiterating disney as the top pick in media in 2021. we talk about that one, the firm
reiterating its overweight rating on netflix. the streaming giant could have its strongest six month content slate ever "techcheck" is back in a moment. - [announcer] dearest pizzerias, oh, guardians of the pie. - ooh! - [announcer] thanks for making every slice worth torching the roof of our mouths.
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elon musk in the headlines this morning he's in court defending tesla's $2.5 billion acquisition of solarcity five years ago the argument is what the correct valuation of solarcity was and now another big investor is comparing tesla to aol saying they don't know how to market climate plays. leslie picker has that story p. this analogy coming from jim colter he's recently turned his attention to impact investing and is in the process of raising a multibillion-dollar climate fund he spent much of his year focused on technology investing and said what we're seeing with climate specifically, companies that are helping to improve the environment, is akin to the late '90s with the dotcom boom. the market expects climate focused companies to be pervasive. they just haven't quite worked out which ones will be the winners. >> there were few companies back in 1998 in technology, take aol,
which were famous, but roll to the future, aol is no longer what it was. home pages are not driving technology today so we sit today where there's a realization that climate change will drive investing opportunities for perhaps decades to come. but the markets are still forming. >> if aol was kind of the darling of the late '90s, what do you think is the darling equivalent of the current stage for climate? >> clear in the public markets that tesla in some ways is garnering the attention. may not end like aol ended, but it's an early understanding of the importance of one sector of the climate change universe. >> i asked coulter if he thinks climate names are in a bubble as most believe was the case with internet companies in the '90s he doesn't see it as a bubble but notes there will be a twisting and interesting journey. the delivering alpha newsletter where this is, it's distributed
every other monday deliveringalpha.com. tesla has been enjoying a pretty good morning up better than 3% and leading some of the indices for most of the day. tomorrow things get started on the banks. goldman and jpmorgan and pepsi along with cpi, big macro week that does it for "techcheck. let's get to the judge >> carl, thanks so much. welcome to the "halftime report." at post nine today earnings, new records for stocks, where to put your money right now. we debate it with the investment committee. joining me for the hour, brynn it was a new record high for the nasdaq we're now in the green across the board. yields on the 10-year 1.37 tech, discretionary reits hitting new highs. cyclicals under pressure and it's that ten-year we're watching closely and we will be all week. cpi data coming out. powell is on theil